Air India: ₹7,000 Crore write-offs in FY23
1 year, 5 months ago

Air India: ₹7,000 Crore write-offs in FY23

Live Mint  

Air India incurred significant write-offs amounting to an estimated ₹7,000 crore during the financial year 2022-23. However, despite these challenges, Air India managed to reduce its losses and achieve positive earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs at an operating level, the publication reported. Air India, along with its subsidiary Air India Express, achieved EBITDAR positivity and neared breakeven after meeting lease rental obligations in the first year, sources familiar with the matter told ET. AirAsia India accounted for an impairment cost of over ₹1,500 crore, while the faulty planes and engines of Air India contributed to an estimated ₹5,000 crore in write-offs.

India Air Crore  writeoffs  crore  incurred  estimated  significant  losses  airasia  7000  air  engines  fy23  india

History of this topic

Government to make Rs 300 crore equity infusion in Alliance Air, earlier Air India wing
1 year, 7 months ago

Government to make Rs 300 crore equity infusion in Alliance Air, earlier Air India wing

India TV News  

Alliance Air : Amid financial headwinds faced by Alliance Air, the government has stepped forward to make an equity infusion of Rs 300 crore. The regional carrier Alliance Air, the earlier part of Air India, is now owned by AI Assets Holding Ltd, a special-purpose vehicle formed by the central government. The finance ministry has approved an equity infusion of …

Air India marks 1 year of privatisation, says average daily revenue has doubled
1 year, 10 months ago

Air India marks 1 year of privatisation, says average daily revenue has doubled

The Hindu  

On the occasion of the first anniversary of Tata Sons buying Air India from the government, the airline said it is in the process of finalising a “historic” order of new aircraft for future growth. Sharing data on the improvement in operational parameteres since January 27, 2022 when the government handed over the ownership and management of the airline, Air …

US orders Air India to pay $121.5 million as passenger refunds and $1.4 million as fines
2 years, 1 month ago

US orders Air India to pay $121.5 million as passenger refunds and $1.4 million as fines

India TV News  

The US has ordered Tata-group-owned Air India to pay a whopping USD 121.5 million as refunds and USD 1.4 million as penalties for extreme delays in providing refunds to passengers due to the cancellation or change in flights, mostly during the pandemic, officials said. Air India is among the six airlines that have agreed to cough up a total of …

Air India owes ₹2,350 crore to AAI, SpiceJet ₹185 crore
3 years ago

Air India owes ₹2,350 crore to AAI, SpiceJet ₹185 crore

The Hindu  

Air India and SpiceJet have outstanding dues of ₹2,350 crore and ₹185 crore respectively to the Airports Authority of India as on September this year, Minister of State for Civil Aviation V.K. Charging penal interest, encashment of security deposits along with resorting to legal action were other measures available with the AAI to carry out recovery of dues, he noted. …

Government to clear all Air India debt this fiscal
3 years ago

Government to clear all Air India debt this fiscal

The Hindu  

Air India will pay back all its debt and dues owed to banks, oil companies, airports and aircraft lessors by the end of this financial year, a senior government official said. On Friday, the government sought Parliament’s approval for infusion of ₹62,057 crore into its company or special purpose vehicle that hosts Air India’s residual debt, liabilities and some assets. …

Opinion | Air India under Tatas will surely regain its lost glory
3 years, 2 months ago

Opinion | Air India under Tatas will surely regain its lost glory

India TV News  

In a historic acquisition, the Tata group, after a gap of 68 years, was set to regain control of India’s national carrier Air India, after its bid of Rs 18,000 crore was accepted by the Centre. While admittedly it will take considerable effort to rebuild Air India, it will hopefully provide a very strong market opportunity to the Tata group’s …

Air India Sale: Undoing the Grief Nehru Govt Heaped on Private Enterprises and JRD Tata
3 years, 2 months ago

Air India Sale: Undoing the Grief Nehru Govt Heaped on Private Enterprises and JRD Tata

News 18  

‘And now the time has come to say goodbye. Nationalisation Promoted Crony Capitalism and Mediocrity What the Nehru government did in 1953 with the single stroke of the pen was not just limited to the nationalisation of Air India or shaking the foundations of the Indian air transport industry, it ended up weakening the overall cause of private enterprises in …

Indian aviation industry may incur losses worth ₹26,000 crore in FY22: Report
3 years, 3 months ago

Indian aviation industry may incur losses worth ₹26,000 crore in FY22: Report

The Hindu  

Pandemic-hit Indian aviation industry is expected to report a net loss of ₹25,000-26,000 crore while its debt level may increase to ₹1.2 lakh crore in the ongoing fiscal year, credit ratings agency ICRA said on Tuesday. The aviation industry is expected to witness a strong year-on-year growth of 45-50% in domestic air passenger traffic and80-85% in international air passenger traffic …

Indian airports report loss of ₹70 billion in FY2020: aviation consultancy
3 years, 4 months ago

Indian airports report loss of ₹70 billion in FY2020: aviation consultancy

The Hindu  

Indian airport operators are estimated to have posted a consolidated loss, before tax, of ₹70 billion in FY2021 compared with a profit of ₹51.6 billion in FY2020, according to aviation consultancy CAPA. The combined operating revenue of Indian airports declined by an estimated 64.1% to ₹83.1 billion in FY2021. However, as most airport expenses are fixed, Indian airports saw their …

Indian Aviation Sector Witnessed its Worst Year in 2020, Hopes for Quick Bounceback in 2021
3 years, 11 months ago

Indian Aviation Sector Witnessed its Worst Year in 2020, Hopes for Quick Bounceback in 2021

News 18  

The COVID-19 pandemic had a massive impact on the Indian aviation sector in 2020 and major airlines facing losses and challenging times laid off employees, sent them on leave without pay, or cut their salaries. The government, meanwhile, permitted special international passenger flights under Vande Bharat Mission since May and air bubble arrangements were formed with around 24 countries since …

Air India's Net Loss Stands at Around Rs 2,570 Crore in First Quarter of 2020-21: Puri
4 years, 3 months ago

Air India's Net Loss Stands at Around Rs 2,570 Crore in First Quarter of 2020-21: Puri

News 18  

Air India has incurred a net loss of about Rs 2,570 crore in the first quarter of 2020-21 as compared to a net loss of Rs 785 crore sustained in the corresponding period a year ago, Civil Aviation Minister Hardeep Singh Puri said on Thursday. "The net loss in quarter 1 of FY20-21 is about Rs 2,570 crore as compared …

Revenues of Indian airlines fell by over 85% in April-June period: Hardeep Singh Puri
4 years, 3 months ago

Revenues of Indian airlines fell by over 85% in April-June period: Hardeep Singh Puri

India Today  

The revenue of Indian airlines fell by over 85 per cent to Rs 3,651 crore during the first quarter of FY21 due to the severe disruption caused by the Covid-19 pandemic. Civil Aviation Minister Hardeep Singh Puri on Wednesday stated in a written reply in Rajya Sabha that Indian airlines suffered a 85.7 per cent revenue loss in comparison to …

Air India Express to Receive Rs 374 Crore For Loss of Aircraft in Kozhikode Runway Accident
4 years, 3 months ago

Air India Express to Receive Rs 374 Crore For Loss of Aircraft in Kozhikode Runway Accident

News 18  

The Air India Express will get about Rs 374 crore towards the loss of its Dubai-Kozhikode aircraft in the accident in Kozhikode airport last month, a senior insurance industry official said. “The total claim amount to be paid to Air India Express for loss of aircraft/hull will be about $51 million. The claim payment to Air India Express will be …

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